FOREIGN TRADE
In its foreign policy, the Philippines cultivate constructive relations with its Asian neighbors, with whom it is linked through membership in ASEAN, the ASEAN Regional Forum (ARF), and the Asia-Pacific Economic Cooperation (APEC) forum. The Philippines is a member of the UN and some of its specialized agencies, and began a 2-year term as a member of the UN Security Council in January 2004, serving as UNSC President in September 2005. There are around seven million overseas Filipino workers and are considered tobe the pillar of Philippine foreign policy. Through foreign exchange remittances, these workers account for approximately 10% of gross domestic product.
CONCLUSION
With a number of policy developments, the Philippine economy continues to juggle up extremely financial resources while attempting to meet the needs of rapidly growing populations and address intensifying
Presently over 80% of the government budget is gobbled up by non discretionary expenses like debt services, government salaries and benefits and legally mandated revenue transfers to local government units. The government is trying to reform the economy for attaining efficiency. The recent reform includes laws increasing excise taxes on tobacco and liquor products and establishing a system of rewards and penalties in revenue collection agencies. Reflecting weaknesses in Intellectual property rights protection, the country remains on the US trade representative’s special 301-priority watch list. Despite occasional challenges to the economy and resistance to pro-liberalization reforms by vested interests, the economy has made considerable progress in restoring macro- economic stability.
Source:-National Statistical Coordination Board.
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